State Board of Administration of Florida Retirement System Reduces Stock Holdings in United Fire Group, Inc. (NASDAQ:UFCS)

State Board of Administration of Florida Retirement System cut its position in shares of United Fire Group, Inc. (NASDAQ:UFCS – Get Rating) by 22.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,801 shares of the insurance provider’s stock after selling 3,460 shares during the period. State Board of Administration of Florida Retirement System’s holdings in United Fire Group were worth $323,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. CWM LLC raised its position in shares of United Fire Group by 45.3% during the 4th quarter. CWM LLC now owns 8,010 shares of the insurance provider’s stock valued at $219,000 after buying an additional 2,499 shares during the period. Foundry Partners LLC lifted its stake in shares of United Fire Group by 6.2% in the 4th quarter. Foundry Partners LLC now owns 119,415 shares of the insurance provider’s stock valued at $3,267,000 after purchasing an additional 6,940 shares during the last quarter. Maryland State Retirement & Pension System purchased a new position in shares of United Fire Group during the 4th quarter worth $242,000. Bank of New York Mellon Corp increased its position in shares of United Fire Group by 3.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 253,509 shares of the insurance provider’s stock worth $7,284,000 after purchasing an additional 8,384 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in United Fire Group in the 3rd quarter valued at about $135,000. 64.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Piper Sandler lifted their price target on shares of United Fire Group from $25.00 to $26.00 and gave the company an “underweight” rating in a research report on Tuesday, April 4th. StockNews.com started coverage on United Fire Group in a research report on Thursday. They issued a “hold” rating on the stock.

Insider Activity at United Fire Group

In related news, Director Christopher R. Drahozal purchased 5,000 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were bought at an average price of $24.40 per share, for a total transaction of $122,000.00. Following the acquisition, the director now directly owns 41,916 shares in the company, valued at $1,022,750.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders purchased 6,000 shares of company stock worth $149,465. Company insiders own 7.54% of the company’s stock.

United Fire Group Price Performance

NASDAQ UFCS opened at $23.42 on Friday. The company has a market cap of $591.12 million, a P/E ratio of -45.92 and a beta of 0.18. United Fire Group, Inc. has a 1-year low of $23.27 and a 1-year high of $37.26. The stock has a 50-day moving average of $26.36 and a two-hundred day moving average of $27.96.

United Fire Group (NASDAQ:UFCS – Get Rating) last announced its earnings results on Wednesday, February 15th. The insurance provider reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $260.41 million for the quarter, compared to analysts’ expectations of $254.60 million. United Fire Group had a positive return on equity of 0.13% and a negative net margin of 1.26%. On average, analysts anticipate that United Fire Group, Inc. will post 0.95 EPS for the current fiscal year.

United Fire Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, June 2nd will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Thursday, June 1st. United Fire Group’s payout ratio is currently -125.49%.

About United Fire Group

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United Fire Group, Inc is a holding company, which engages in the business of writing property, casualty insurance, life insurance, and selling annuities through a network of independent agencies. The firm operates through the following segments: Property and Casualty Insurance and Life Insurance. The Property and Casualty Insurance segment includes commercial lines insurance, personal lines insurance, and assumed reinsurance.